Chapter 11 customer driven market Flashcards
Affinity program
Marketing effort sponsored by an organization that solicit involvement by individuals who share common interests and activities.
Business (B2B) product
Good or service purchase to be used, either directly or indirectly, in the production of other goods for resale.
Business intelligence
Activities in technologies for gathering, storing, and analyzing data to make better competitive decisions.
Cause Marketing
Marketing that promotes a cars or social issue, such as preventing child abuse, anti-littering efforts, and stop smoking campaigns.
Co-branding
Cooperative arrangement in which two or more businesses team up to closely linked their names on a single product
Comarketing
Cooperative arrangement in which to businesses jointly market each other’s products.
Consumer (B2C) product
Good or service that has purchased by end-users.
Consumer behavior
Actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that proceed and follow these actions
Data mining
The task of using computer base technology to evaluate data in a database and identify Useful trends
Data warehouse
Customer database that allows managers to combine data from several different organizational functions
Demographics segmentation
Distinguishes markets on the basis of various demographic or soci economic characteristics
End use segmentation
Marketing strategy that focuses on the precise way a B2B purchaser will use a product
Environmental scanning
Analysis of external environmental factors by marketers to understand how they impact business and marketing decisions
Event
Marketing or sponsoring short term events such as athletic competitions and cultural and charitable performances
Exchange Process
Activity in which two or more parties give something of value to each other to satisfy perceived needs
Frequency marketing
Marketing initiative that rewards frequent purchases with cash, rebates, merchandise, or other premiums.
Geographical segmentation
Dividing a market into homogeneous groups on the basis of their locations
Lifetime value of a customer
Revenues and intangible benefits (referrals and customer feedback) from a customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer.
Market segmentation
Process of dividing a total market into several relatively homogeneous groups
Marketing
Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing concept
Company -wide consumer orientation to promote long – run success.
Marketing mix
Blending of the four elements of marketing strategy – product, distribution, promotion, and pricing – to fit the needs and preferences of a specific target market.
Marketing research
Collecting and evaluating information to help marketers make affective decisions.
Organization marketing
Marketing strategy that influences consumers to accept the goals of, receive the services of, or contribute in someway to an organization.
Person Marketing
Use of efforts design to attract the attention, interest, and preference of a target market toward a person
Place marketing
Attempt to attract people to a particular area, such as a city state or nation.
Product related segmentation
Dividing consumer market into groups based on the buyers relationship to the good or service
Psychographic segmentation
Dividing consumer markets into groups with similar psychological characteristics, values, and lifestyles
Relationship marketing
Developing and maintaining long-term, cost-effective exchange relationships with partners
Target market
Group of people to a room an organization market it’s good, services, or ideas with a strategy design to satisfy their specific needs and preferences
Utility
Power of a good or service to satisfy a want or need
